[Edaily Reporter KIM YOON-JEONG ] SK Innovation’s stock is plummeting by more than 13% in early trading. The stock is showing weakness following the company’s decision the previous day to merge with its separator business subsidiary, SK ie technology (SKIET).

According to MP Doctor on the 26th, as of 9:26 a.m. today, SK Innovation(096770)is trading at 107,300 won, down 17,400 won (13.92%) from the previous trading day.
Previously, SK Innovation and SKIET announced that they had each held board meetings the previous day and approved a resolution to proceed with the merger between the two companies.
The merger ratio is 1:0.1174540 between SK Innovation and SKIET. Accordingly, 0.11 shares of SK Innovation common stock will be allocated for each share of SKIET common stock.
The two companies plan to finalize the relevant procedures after the merger proposal is approved at SK Innovation’s board meeting and SKIET’s shareholders’ meeting on November 24, with January 1 of next year set as the merger effective date. New shares of SK Innovation resulting from the merger are scheduled to be listed on January 18 of next year.